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Summary Of Wealth Management Executive Moves - July 2016

, 10 August 2016


July proved to be a busy month for moves in regions such as Asia, with a number of big-brand banks seeing senior figures arrive and move on.

North America

Doris Meister is joining Wilmington Trust on August 15 as an executive vice president to head up its wealth management unit - a newly-created role, the firm confirmed. Meister was previously head of global wealth advisory and fiduciary solutions at BNY Wealth Management. Based in New York, she joins William Farrell as the second member from Wilmington Trust on M&T's management group, which is comprised of 15 executives.   

Private Client Resources, the data aggregation and wealth reporting firm, brought in fintech veteran Bob Miller as vice chairman and strategic advisor. As founder and chief executive of four fintech companies, Miller is an expert in the consolidated investment data space and has a strong background providing managed solutions to the financial services industry. His most recent company, CorrectNet, was a venture capital-backed provider of aggregation and reporting for institutional asset managers, prime brokers and hedge fund administrators.

BNY Mellon added Marleny Cheshier as a senior wealth manager in Newport Beach, CA. Cheshier spent the last 18 years at Northern Trust, where she was most recently a vice president and senior portfolio manager. In her new role at BNY Mellon, she will report to Michael Silane, senior director of portfolio management.

BNY Mellon Wealth Management introduced a new US role to foster stronger coordination among its regional offices, naming Thomas Dicker as head of US markets. Based in Boston, MA, Dicker will oversee BNY Mellon's 38 wealth offices throughout the country, reporting to Don Heberle, chief executive of BNY Mellon Wealth Management. Previously, there were three market presidents, covering the East, West and New York-Tri State areas, the firm confirmed. Dicker - who most recently served as chief operating officer - has held several other leadership posts and client-facing roles during his 29 years with BNY Mellon, including overseeing the acquisition of the firm's offices in Toronto, Chicago, and Menlo Park, CA. The firm said it has not named a new COO.

The head of JP Morgan’s global wealth management business, Phil Di Iorio, is to retire at the end of the year. Di Iorio has held the role since 2011, having previously served as head of private banking products and practices since 2005. JP Morgan said a successor has not yet been named.

Steven Mattus joined Deutsche Bank Wealth Managementas head of global products and solutions for the Americas region, following on from a number of moves in recent months. Mattus previously held senior roles at Credit Suisse Private Bank, most recently as head of assets and investments in the Americas. Before that, he founded and led Credit Suisse’s advisory solutions group, a role in which he designed and rolled out products and platforms for ultra-wealthy clients. In his new position at Deutsche, Mattus - a managing director - will be based in New York. He will report to Patrick Campion, head of wealth management for the Americas (who joined in May), and to Bernd Amlung, global head of products and services.

Paul Vosper joined PIMCO as an executive vice president and real estate strategist in New York, as the firm said it continues to expand its alternatives investment platform. Vosper joined PIMCO’s real estate team of 49 investment professionals globally and reports to Jennifer Bridwell, managing director and global head of PIMCO’s alternative products. Vosper previously held roles at Morgan Stanley as co-head and chief operating officer of Alternative Investment Partners. In that role, he was responsible for AIPs real estate investment strategies and developing real estate solutions for institutional and private clients.

Steven Bishop joined Noyes’ wealth management group in Indianapolis, IN. Bishop joined Chichago, IL-based Noyes from City Securities Corporation, where he has been a financial advisor since 2003. He started his career in 1997 as a financial advisor at NatCity Investments.

HSBC Private Bank named Joe Abruzzo as head of business for North America, succeeding Patrick Campion, who joined Deutsche Bank Wealth Management in May. Based in New York, Abruzzo will be responsible for HSBC’s private banking strategy across North America, particularly in the US – a key market for HSBC Global Private Bank, the firm said. He was most recently head of large corporate banking, having joined in 2014 as head of northeast corporate banking. He previously held senior roles at JP Morgan in commercial and investment banking. Abruzzo will report to Marlon Young, regional head of global private banking for the US and Latin America. He will also serve as a member of the HSBC Global Private Bank Executive Committee.

Compliance consultancy Cordium appointed Doug Morgan as group chief executive. Morgan succeeded Michel van Leeuwen, who left Cordium last year. He joinsedfrom SunGard, where he oversaw the asset management back-office servicing and accounting space. He has also held various roles in the asset management industry, from global custodians and asset managers through to hedge funds, funds of funds and private equity firms. He will initially be based in New York before relocating to London in the third quarter.

Withers appointed seven new partners across its offices in the US, Europe and Asia. In the US, the new partners are Marissa Dungey in Greenwich, CT, and Rebecca O'Toole in San Diego, CA. Both are part of the firm's wealth planning and tax team. In Geneva, Ian Perrett became partner within the wealth planning and tax team. In London, Nicholas Vaughan became partner within the real estate team. Meanwhile, in Asia, Laurence Ho was promoted in the wealth planning and tax team in Hong Kong, as were Samantha Gershon within the family team in Hong Kong and Lim Hui Ying within the litigation and arbitration team in Singapore.

Vestorly, the content marketing and relationship analytics platform, brought in Neil St Clair as vice president of growth, a newly-created position at the firm. St Clair joined from the Boston, MA-based RIA Shepherd Kaplan, where he was director of marketing. At Vestorly, he is also tasked with developing the firm's content studio, Vestorly Bespoke, and will report to chief executive Justin Wisz.

US Trust, part of Bank of America, made as string of hires across California, Florida and Washington. In the Golden state, John Aylward and Tiffany Barbara joined US Trust's Los Angeles branch as a private client manager and private client advisor respectively. They previously worked at PNC and BNY Mellon, respectively. Meanwhile, in Florida, Chris O’Gorman has been appointed as a private client advisor in Fort Lauderdale. He previously worked at Creative Sports & Entertainment Finance.

Additionally, Josh Renick joined the Boca Raton, FL, office as a private client advisor. He was formerly an enterprise staffing manager at Bank of America. Lastly, US Trust hired Brecken Diller as a private client manager in Seattle, WA. Diller joined from Comerica, where he was a vice president and trust specialist.

PIMCO, the global investment management giant, named Emmanuel Roman as its next chief executive, taking over from current CEO Douglas Hodge. Hodge will become a managing director and senior advisor when Roman joins PIMCO on November 1 in Newport Beach, CA. Roman was previously CEO at the alternative asset manager Man Group, a role he assumed in 2013 (Luke Ellis has become CEO at Man Group). He also previously spent 18 years at Goldman Sachs, served as co-CEO at GLG Partners and was also chief operating officer at Man Group in 2010 following the firm’s acquisition of GLG.

John Stuntebeck joined US Trust as a non-profit institutional sales director, responsible for driving growth within the firm's outsourced CIO business throughout the southeast. Stunteback was previously a regional director at SEI Investments, focused on new business development and marketing efforts. He specialized in endowments, foundations and non-profits. At US Trust, he will report to Bernie Reidy, national philanthropic sales executive.  

BNY Mellon Wealth Management ramped up its workforce in the Windy City with five appointments. Kevin Kosmak took on a newly-created team leader and senior wealth manager role, while Scott Sandee joined as a senior wealth director. The firm also appointed Kelly Demers as a vice president and residential mortgage banker, Daniel Abbatacola as an underwriter in life insurance premium lending, and Joseph Schwall as a senior private banker.

Kosmak spent the last 13 years as a senior portfolio manager and team leader at Northern Trust, while Sandee was previously a private wealth advisor at BMO Private Bank and, before that, a wealth strategist at Northern Trust. Demers, meanwhile, was formerly a private client mortgage banker at JP Morgan; Abbatacola was a senior underwriter at Northern Trust (and earlier worked at Cornerstone National Bank and Trust Company); and Schwall also joined from Northern Trust, where he has spent the last 27 years.

Peter Andersen took over as chief investment officer at Fiduciary Trust Company, succeeding Michael Mullaney, who became chief investment strategist – a new role at the firm. Andersen was previously CIO at Congress Wealth Management since 2003. He was also a portfolio manager at Congress Asset Management, an affiliated firm. Earlier, he held senior roles at Delaware Investments/Conseco Capital Management and Colonial Management. In his role as CIO at Fiduciary Trust, Andersen will direct the development and refinement of the firm’s investment strategies, asset allocation, third-party manager selection and client portfolio construction. Mullaney, meanwhile, is now responsible for providing perspectives and insights on the global economy and investment markets.

Snowden Lane Partners, the wealth advisory firm, brought in Sam DeGennaro - formerly a first vice president at Merrill Lynch – as a partner and managing director in New Haven, CT. DeGennaro is merging his $180 million practice with the now $1 billion Guth/Fordyce Group, working alongside a team of nine led by partners and managing directors Kevin Guth and Steve Fordyce.  Snowden Lane's footprint now includes seven offices nationally, with offices in Pasadena and San Diego, CA (an international office), as well as New York, New Haven, CT, Pittsburgh, PA,  Baltimore and Bethesda, MD.

Philadelphia, PA-based Janney Montgomery Scott recruited three financial advisors with combined client assets under management of over $250 million. Two account executives and one private client assistant have also joined the firm. Ann Brancato, a first vice president of wealth management, stepped into the Red Bank, NJ, office, joining from RBC Wealth Management. Meanwhile, Christopher Goles, also a first vice president of wealth management, joined in Baltimore, MD, along with the Courtyard Financial Partners team. They were previously affiliated with Wells Fargo Advisors. Lastly, Kenneth Sarpu, a senior vice president of investments, joined Janney in Glastonbury, CT, with the Sarpu Cardinal Wealth Management Group team. They too were previously affiliated with Wells Fargo Advisors.

Deutsche Bank Wealth Management expanded its presence in the US western region, carving out a new role in the Golden State and recruiting from Morgan Stanley. Russell Daulton was appointed to the newly-created position of San Francisco, CA, market manager, responsible for extending the private bank’s reach in the region’s thriving technology space, while Susan Rounds joins as a director and wealth planner in Los Angeles, CA.

Daulton has worked at Deutsche Bank for over a decade and was latterly a senior private banker in San Francisco. Earlier, he held relationship management roles at JP Morgan Private Bank, and spent 12 years at Wells Fargo Private Bank. Rounds was previously an executive director of UHNW resources and regional advanced planning director at Morgan Stanley Wealth Management. Before that, she spent nearly a decade at Wells Fargo Wealth Management as senior director of planning. Daulton and Rounds will report to Lee Hutter, head of Deutsche Bank WM for the US western region, and Sam Petrucci, head of wealth planning in the Americas, respectively.
BNY Mellon Wealth Management made another hire this week, in the shape of Frieda Rakhman as a wealth director in Atlanta, GA. Rakhman previously worked at Bessemer Trust, and earlier at UBS Financial Services. In her new role at BNY Mellon she reports to managing director Helen Nugent.

Randy Martin joined Raleigh, NC-based First Citizens Bank as director of private banking. Martin moved over from Capital One Bank in McLean, VA, where he headed up private banking national underwriting and commercial credit services. Earlier, he worked at Chevy Chase Bank and Wachovia Bank in various private banking and credit roles across Virginia and North Carolina.

RBC Wealth Management welcomed two new teams in Fort Lauderdale, FL. The Haring Group, a father/son financial advisor team, joined from Morgan Stanley. Comprised of William Haring, first vice president and financial advisor, and Bradley Haring, financial advisor, the team has $124 million in assets under management. Additionally, Scott Ramo, senior vice president and financial advisor, moved from Raymond James/Morgan Keegan.

His wife, Valerie Ramo, joined him as a senior financial associate. Ramo will be joining the CKM Wealth Management Group, already in existence at RBC, which will have combined assets of $300 million. Both teams will report to Fort Lauderdale branch director Jim Jahnsen.

Turner Investments, which has recently merged with the investment advisory firm Veracen, bolstered its management team with three additions. Robert Baird was appointed as chief operating and accounting officer, Jena Dietrich was named director of marketing, and Erik Hagar was hired as a portfolio specialist. Baird spent the past two years at Veracen, having previously worked at Kingsguard Advisors and Ellington Management Group.

Dietrich rejoined Turner, having served eight years previously in the same capacity for the firm and its affiliates. She has 21 years of investment marketing experience, and was latterly managing director at Custom Institutional Fund Solutions. Before her initial tenure at Turner, she was director of marketing at Philadelphia International Advisors and vice president of marketing at The Glenmede Trust Company. Hagar joined as a senior portfolio specialist, bringing 30 years of investment industry experience to the new role. He spent the past nine years nine years at Vanguard as a senior investment analyst and as head of consultant relations within the institutional sales division. Earlier, he was an active equity portfolio manager at The Glenmede Trust Company.

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